State Representative Allen Skillicorn (R-East Dundee) has filed House Joint Resolution Constitutional Amendment 14 to protect Illinois retirees from another tax increase.
Skillicorn, who filed HJRCA 14 at the end of January, expressed shock at recent news that both the Commercial Club of Chicago and the Civic Federation have called for the state to tax retirement income to solve its long-standing budget woes.
“Encouraging the state of Illinois to tax retirement income to solve its budget problems is like giving a no limit credit card to a spend-alcoholic already drowning in debt, it’s absolutely ridiculous,” said Skillicorn. “The State needs to take a major step toward cutting its out of control spending.”
HJRCA 14 specifically changes the revenue article of the state constitution to prevent the state from imposing a tax upon retirement income.
“Retirees across Illinois are already being taxed out their homes,” said Skillicorn. “For many of those that haven’t already left, not having their retirement income taxed is the only thing keeping them here. But we can pretty much guarantee they’ll be gone if the state starts taxing it.”
Retirement income is one of the few things Illinois does not currently tax. Moody’s also recently warned that another tax increase would cause even more taxpayers to leave Illinois, leading to more revenue losses and deepening the budget crisis.
For more information about HJRCA 14, Click Here.